Binance is ending some services in Singapore, including cash deposit services and instant cryptocurrency trading, to comply with the country’s regulations. The exchange has already stopped trading in Singapore dollars.
Minimize Binance Services in Singapore
Cryptocurrency exchange Binance on Monday announced some changes to its offerings in Singapore. The company wrote:
Starting from 2021-10-26 04:00 AM UTC (12:00 PM UTC +8), users in Singapore will not be able to access certain functions on Binance.com including cash deposit services and instant cryptocurrency trading and the purchase of cryptocurrencies through fiat channels and liquid exchange (“Structured Payments Services”).
The announcement adds that “users in Singapore are advised to stop all related trading, withdraw fiat assets and redeem tokens” by the deadline “to avoid potential trade disputes.”
Binance Singapore has been undergoing changes since the Monetary Authority of Singapore (MAS), the country’s central bank that oversees the cryptocurrency sector, issued a warning about Binance. The central bank wrote: “MAS has reviewed the operations of Binance.com and is of the opinion that Binance, the operator of Binance.com, may be violating the Payment Services Act… Binance is required to stop providing payment services to residents of Singapore and to stop soliciting such actions from residents of Singapore.” “.
The exchange subsequently stopped trading in Singapore dollars to comply with local laws and removed its app from Singapore’s iOS and Google Play stores.
In August, Binance Singapore appointed an executive with a multi-year compliance background. Richard Teng was the former CEO of the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM).
Meanwhile, Binance has been heavily vetted by regulators around the world, including in the UK, the Netherlands, South Africa, Hong Kong, Malaysia, Thailand, Lithuania, Italy and Canada. US authorities are also investigating Binance for possible market manipulation and insider trading.
What do you think about Binance ending some services in Singapore? Let us know in the comments section below.
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